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● TRACKER Updated 29d ago · 6 sources tracked

First the penny, now the nickel: Congress moves closer to passing Common Cents Act

The US Senate has passed the Common Cents Act, which could lead to changes in nickels and how cash payments are made. The bill aims to allow for the rounding of cash transactions to the nearest five-cent increment, potentially phasing out the use of pennies and nickels. The act has garnered support from some retailers, but concerns have been raised about its impact on consumers.

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⚡ Key Developments & Real-Time Context
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  • ✓ The Senate has passed the Common Cents Act.
  • ✓ The bill aims to allow for the rounding of cash transactions to the nearest five-cent increment.
  • ✓ The act has garnered support from some retailers, including the National Grocers Association.
🛡️ Source Corroboration: 6 independent reporting domains (85% confidence) ⏱ Read time: ~2 min

What changed

The US Senate's passage of the Common Cents Act marks a significant step towards potentially changing the way nickels and cash payments are made.

Live updates

  1. US Senate passes Common Cents Act, potentially changing nickels and cash payments

    The US Senate has passed the Common Cents Act, which could lead to changes in nickels and how cash payments are made. The bill aims to allow for the rounding of cash transactions to the nearest five-cent increment, potentially phasing out the use of pennies and nickels. The act has garnered support from some retailers, but concerns have been raised about its impact on consumers.

    Why it matters

    The Common Cents Act comes after the retirement of the penny, and its passage could have significant implications for the way people pay with cash. The bill's proponents argue that it will simplify cash transactions and reduce the costs associated with producing and handling coins. However, some critics worry that it could lead to price increases for consumers.

    What is confirmed

    • The Senate has passed the Common Cents Act.
    • The bill aims to allow for the rounding of cash transactions to the nearest five-cent increment.
    • The act has garnered support from some retailers, including the National Grocers Association.

    Still unconfirmed

    • Walmart shoppers could be charged more at checkout under the '3-4-8-9' rule.

    What to watch next

    • The bill's passage in the House of Representatives
    • The implementation of the Common Cents Act
    • The impact of the act on consumers and retailers
    Sources used for this update (7)
    1. The Hill — Senate passes bill that could change nickels and how you pay with cash
    2. Holland & Knight — States Respond to Penny Pinching with Rounding Legislation
    3. The Independent — First the penny, now the nickel: Congress moves closer to making big changes with the money in your pocket
    4. the-sun.com — Walmart shoppers could be charged more at checkout under ‘3-4-8-9’ rule
    5. Deli Market News — NGA Supports Senate Passage of Common Cents Act; Stephanie Johnson Comments
    6. the-sun.com — Shoppers inch closer to paying more at checkouts with new 'cash' bill
    7. independent.co.uk — Fears for the nickel as Senate passes ‘Common Cents Act’ after penny retirement
    confidence 85%
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